The wire rope business has a history of high-performance rope manufacturing spanning more than 90 years, and is based in Newcastle, New South Wales.

In announcing the sale, Arrium managing director and chief executive Andrew Roberts praised the business but said it didn’t fit the company’s needs moving forward.

“Wire ropes is a quality business, however it lies outside our strategic focus for future growth in mining consumables,” he said.

“Our growth in mining consumables is centred on the global mineral processing industry, including capturing at least our share of expected strong growth in grinding media demand.

“Our Moly-Cop grinding media business is well-positioned to achieve this with leading market positions in key growth regions of the world including North America, South America and Australasia.”

Roberts said the sale of the wire ropes business was a big step in the company’s ongoing asset divestment strategy.

“Today’s announced sale is consistent with our focus on reducing debt, and builds on our good progress with asset divestments,” he said.

“Arrium’s asset divestment proceeds for the 2015 financial year will increase to at least $150 million following completion of this sale.”

The wire ropes business employs around 100 people, with all to be offered ongoing employment by Bekaert.

The sale is expected to be completed by the end of the March quarter.

Shares in Arrium were steady at 22.5c this morning.